"Governments across the globe have been instrumental in imposing ban on the use of fossil fuel-based products such as plastic bags and are also providing incentives for bio-based PLA production."

Portland, Oregon (PRWEB UK)26 May 2014

Allied Market Research today announced its comprehensive and strategically analyzed market intelligence report titled - "Polylactic Acid (PLA) Market in Packaging, Textile, Agriculture, Transportation, Bio-Medical, Electronics and Others - Global Industry Size, Company Share, Growth, Trends, Strategic Analysis and Forecast, 2012 - 2020". According to the research report, the global Polylactic Acid (PLA) market is expected to reach $5.2 billion by 2020 growing at a CAGR of 19.5% from 2013 to 2020. Asia Pacific will be the fastest growing market at a CAGR of 21.6% during this period whereas Europe will maintain its lead in terms of revenue till 2020, despite having a comparatively slower growth.

"Governments across the globe have been instrumental in imposing ban on the use of fossil fuel-based products such as plastic bags and are also providing incentives for bio-based PLA production. Moreover, the rising petrochemical prices in association with growing awareness for environment safety have been the prime contributors towards the growth of Polylactic Acid market" state AMR analysts Sarah Clark and Ranjan Singh. "The ongoing research on reinforcement of PLA with other materials would bring opportunities for PLA with much improved products in future." add the analysts.

Low-cost and easy availability of raw materials are key factors that are contributing to the cost-effectiveness of PLA. The production costs are however, expected to further reduce with research focused on identifying alternative sources of raw materials. On the contrary, certain restraining factors too exist which will restrain the growth of PLA market. "Need for industrial composting to completely degrade PLA, will act as an important restraint" said Clark and Singh.

The report analyzes the global polylactic acid market under categories namely application and raw materials. The applications category, it is further segmented as per the sector in which PLA is utilized to manufacture the final product. These are Packaging, Textile (Woven and non-woven), Electronics, Biomedical, Agriculture, and other such applications. Packaging has been the largest application segment for PLA and will continue to hold lead position during the forecast period; however, textiles and electronics will be adopting PLA more rapidly. The raw materials analyzed in this report include, Corn, Tapioca, Sugarcane and Wheat. Tapioca and sugarcane are the primary raw materials used by PLA manufacturers all around the world.

The automotive refinish coating market provides for coating of automotives. The global automotive market is expected to reach over $245 billion by 2020; therefore, the market for refinish coating can expect good revenue. The key driver for the market is increase in the number of vehicles in operation. Additionally, the demand is expected to be very high in the BRIC countries with the increase in number of cars and bumpy road conditions. It is expected that the number of car users in developing countries would reach around three to four billion in the next 30 years.

Green & bio-based solvents provide environment friendly chemicals, which are free of health hazards for end-users. The global chemicals sales are expected to grow at a CAGR of 7% between 2012 and 2015. There is an increase in demand for green solutions; therefore, bio-based solvents are expected to have a good share in the chemicals sales. It is estimated that, every year nearly 170 billion tones of biomass is produced by nature. Therefore, there is a high probability of using this biomass to produce green solvents.

On the basis of geographical regions, the market has been segmented under regions namely North America, Europe, Asia Pacific and rest of the world. Plentiful feedstock from agriculture and strong government incentive programs will increase opportunity for rise in production of PLA in Asia Pacific, which will largely contribute to its faster market growth.

Allied Market Research (AMR) is a global market research and business consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions". AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in capturing most accurate market data and confirms utmost accuracy of our market forecasts. Each and every data presented in the reports published by us is also extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.